SUMMARISED PRELIMINARY CONSOLIDATED FINANCIAL RESULTS · 2019. 6. 20. · 2 Summarised preliminary...

2019

SUMMARISED PRELIMINARY CONSOLIDATED FINANCIAL RESULTS

1Summarised preliminary consolidated Financial Results 2019

NO

TES

Fina

ncia

l Yea

r 201

9 Re

sults

Pre

sent

atio

n

2 Summarised preliminary consolidated Financial Results 2019

NO

TES

2

Long

Run

way

for G

row

thA

prov

en d

istr

ibut

ion

mod

el

• • • • • •


NO

TES

3

Lead

ing

Fina

ncia

l Mod

elFi

t fo

r fu

ture

sus

tain

able

gro

wth

• • •AR

PU’s

• •


NO

TES

4

Nex

t Gen

erat

ion

IoT S

aaS

Plat

form

Com

ing

in F

Y20

• • • • • • •–

•


NO

TES

92%

90%

960,

798

30%

pa

6045%

pa

116c

30%

pa

The

Car

track

Adv

anta

ge

• • • • •

209,

418

Prov

en B

usin

ess

Mod

el w

ith a

Trac

k Re

cord

of G

row

th

5


NO

TES

28%

Tota

l Rev

enue

Subs

crib

er R

even

ue

Subs

crib

ers

EBIT

DA

EPS

Fina

ncia

l Res

ults

and

Hig

hlig

hts

30%

28%

17%

16%

6

Oper

atin

gPro

fit15

%


NO

TES

246

348

295

104

348

231

430

386

502

894

600

610

751

380

960

798

-

100

000

200

000

300

000

400

000

500

000

600

000

700

000

800

000

900

000

1 0

00 0

00

2012

2013

2014

2015

2016

2017

2018

2019

FY19

Sub

scrib

ers

+28%

Y-

O-Y

Robu

st S

ubsc

riber

and

Con

nect

ed V

ehic

le G

row

th

246

348

295

104

348

231

415

375

486

924

577

324

711

100

905

028

-

100

000

200

000

300

000

400

000

500

000

600

000

700

000

800

000

900

000

1 0

00 0

00

2012

2013

2014

2015

2016

2017

2018

2019

FY19

Con

nect

ed-

Vehi

cles

+27%

Y-

O-Y

7


NO

TES

496

633

835

1 00

5

1 14

0

1 32

4

1 69

3

379

467

702

842

979

1 16

6

1 52

1

-

200

400

600

800

1 0

00

1 2

00

1 4

00

1 6

00

1 8

00

2013

2014

2015

2016

2017

2018

2019

R million

Reve

nue

Annu

ity R

even

ue

Stro

ng R

even

ue G

row

th

FY19

Tota

lRe

venu

e+2

8%

Y-O-

Y

FY19

Ann

uity

Reve

nue

+ 30%

Y-O

-YRe

venu

e Hi

ghlig

hts:

•Re

cord

subs

crip

tion

reve

nue

grow

th o

f 30%

•Su

bscr

iptio

n re

venu

e as

a p

erce

ntag

e of

tota

l re

venu

e re

ache

d a

peak

of 9

0%

Reve

nue

Grow

th D

river

s:

•St

rong

subs

crib

er g

row

th

•Re

alisa

tion

of p

revi

ous i

nves

tmen

t in

dist

ribut

ion

•In

vest

men

t in

clien

t acq

uisit

ion

8


NO

TES

58%

42%

Afri

ca

99%1%

Euro

pe

100%

Asia

63%

37%

Sout

h A

frica

SaaS

vs

Vehi

cle-

Trac

king

20

19

Cus

tom

er L

ands

cape

Cust

omer

s With

Flee

t Size

≤5

6-24

25-9

910

0-49

950

0-14

99≥150

0To

tal

Sout

h Af

rica

451,

464

4,62

370

512

8 16

845

6,94

4

Asia

3,58

21,

312

311

55

62

5,26

8

Euro

pe5,

188

2,39

0 43

9 69

8

38,

097

Afric

a15

,733

951

245

45

10

16,9

75

Tota

l47

5,96

7 9,

276

1,70

0 29

7 31

1348

7,28

4

39%

61%

2012

69%

31%

2019

SaaS

Incr

easin

g vs

Ve

hicl

e-Tr

acki

ng

Cus

tom

er

Flee

t Size

s by

Reg

ion

9


NO

TESAnn

uity

Rev

enue

Gro

wth

Gro

win

g G

loba

lly

94%

6% 2014

73%

27%

2019

-

200

400

600

800

1 0

00

1 2

00

1 4

00

1 6

00

2014

2015

2016

2017

2018

2019

R million

1,52

1

1,16

697

9

842

702

467

10


NO

TES

267

261

387

468

544

-

100

200

300

400

500

600

2015

2016

2017

2018

2019

R million

Cas

h G

ener

ated

from

Ope

ratin

g A

ctiv

ities

FY19

+1

6%

Y-O-

Y

Robu

st C

ash

Gen

erat

ion

50%

(FY1

8: 5

8%)

11

28%

(FY1

8: 3

3%)

0.7

(FY1

8: 0

.5)

1.3

(FY1

8: 0

.9)


NO

TES

174

198

296

361

463

523

651

761

-

100

200

300

400

500

600

700

800

2012

2013

2014

2015

2016

2017

2018

2019

R million

FY19

EBIT

DA

+17%

Y-

O-Y

Robu

st E

BITD

A G

row

th

12


NO

TES

48 7

56

53 1

27

82 1

55

72 5

08

97 7

16

150

770

209

418

-

50

000

100

000

150

000

200

000

250

000

2013

2014

2015

2016

2017

2018

2019

Net a

dditio

ns

+39%

Y-

O-Y

Net

Sub

scrib

er A

dditi

ons

13


NO

TESIndu

stry

Lea

ding

EBI

TDA

Mar

gins

EBITD

A M

argi

n A

naly

sis

1.Pr

e-fit

ted

vehi

cle co

ntra

ctua

l wor

ding

impl

icatio

ni.

Cart

rack

pre

-fits

dev

ices i

n ne

w v

ehicl

es p

rior t

o th

e cu

stom

er ta

king

ow

ners

hip

of th

e ve

hicle

and

subs

crib

ing

to th

e Ca

rtra

ck se

rvice

s. Th

ese

pre-

fit in

-veh

icle

devi

ces w

ere

expe

nsed

.ii.

We

have

subs

eque

ntly

am

ende

d th

e te

rms o

f our

agr

eem

ents

with

the

mot

or d

eale

rs to

ens

ure

ther

e is

bette

r mat

chin

g of

the

reve

nues

and

co

sts w

ith re

gard

to p

re-fi

t in-

vehi

cle in

vent

ory.

2.Fo

cuse

d gr

owth

inve

stm

ent f

or su

bscr

iber

acqu

isitio

ni.

Incr

ease

d m

arke

ting

expe

nditu

reii.

Incr

ease

d sa

les s

taff

head

coun

t

3.An

incr

ease

in th

e pr

ovisi

ons f

or b

ad d

ebts

ow

ing

to th

e ad

optio

n IF

RS 9

an

d th

e he

adw

inds

in th

e So

uth

Afric

an e

cono

my.

With

out f

acto

ring

the

posit

ive

upsid

e to

the

elec

tion

resu

lts in

Sou

th A

frica

, we

have

bud

gete

d fo

r sim

ilar h

eadw

inds

in F

Y20.

43%

46%

46%

49%

45%

0%10%

20%

30%

40%

50%

60%

2015

2016

2017

2018

2019

14

Anal

ysis

Impa

ctFY

18FY

19

Oper

atin

g Exp

ense

s54

1,94

771

4,36

8

1. A

dmin

& O

ther

418,

590

491,

846

2. S

ales

& M

arke

ting

99,0

2317

7,35

1

3. B

ad D

ebts

24,3

3445

,171


NO

TES

Annu

ity re

venu

e is

now

alig

ned

to th

e co

sts o

f del

iver

ing

the

serv

ice. T

his i

s afte

r a d

etai

led

actu

aria

l as

sess

men

t.

(ear

ning

s are

no

long

er n

egat

ivel

y im

pact

ed)

Prev

ious

ly a

ll di

rect

ly a

ttrib

utab

le co

sts t

o ac

quire

a cu

stom

er w

ere

capi

talis

ed. T

he n

ew a

ccou

ntin

g st

anda

rd d

oes n

ot a

llow

the

prod

uctiv

e po

rtio

n of

sale

s sta

ff sa

lary

to b

e ca

pita

lised

.

(this

has a

neg

ativ

e im

pact

on

the

FY19

ear

ning

s)

Cha

nge

in A

ccou

ntin

g Po

licy

and

Estim

ates

Capi

talis

atio

n of

cos

ts

to a

cqui

re a

cust

omer

(2

)

Reve

nue

and

Acqu

isitio

n Co

sts

(1)

Certa

in co

sts r

elat

ed to

cust

omer

acq

uisit

ion

wer

e re

class

ified

from

ope

ratin

g ex

pens

es to

cost

of

sale

s.

(this

has n

o im

pact

on

earn

ings

)

Recla

ssifi

catio

n of

cost

s

15

The

Grou

p ad

opte

d IF

RS 9

-Fi

nanc

ial in

stru

men

ts, I

FRS

15 -

Reve

nue

from

cont

ract

s with

cust

omer

s an

d IF

RS 1

6 -L

ease

s in

the

curr

ent y

ear.

(this

has a

neg

ativ

e im

pact

on

the

FY19

ear

ning

s)

Adop

tion

of n

ew

acco

untin

g st

anda

rds

(3)


NO

TESAdj

uste

d FY

18 E

PS fo

r Com

paris

on P

urpo

ses

with

FY1

9 EP

SAs

sum

ing a

ccou

ntin

g sta

ndar

ds a

nd e

stim

ates

wer

e im

plem

ente

d fro

m FY

18

16

1.Pl

ease

refe

r to

slide

15

(1)

2.Pl

ease

refe

r to

slide

15

(2)

3.Pl

ease

refe

r to

slide

15

(3)

Adjus

ted FY

18 EP

Sto

FY19

EPS

+11%

Y-

O-Y

FY18

FY19

EPS

100.

5

Decr

ease

in d

epre

ciatio

n (1

)+1

3.0

Incr

ease

in e

xpen

ses (2

)-7

.3

Adop

tion

of n

ew IF

RS st

anda

rds (3

)-1

.1

Adju

sted

FY18

EPS

vs F

Y19

EPS

105.

111

6.4

Any

pro-

form

a in

form

atio

n in

clude

d in

this

sect

ion

has n

ot b

een

revi

ewed

and

repo

rted

on

by

Cart

rack

’s a

udito

r in

acco

rdan

ce w

ith 8

.40(

a) o

f the

JSE

List

ing

Requ

irem

ents

. The

dire

ctor

s ta

ke so

le re

spon

sibili

ty fo

r the

se st

atem

ents

and

calcu

latio

ns.


NO

TESFY

201

9 Se

gmen

t Per

form

ance

: Sou

th A

frica

854

416

1 11

6 82

9

-

200

000

400

000

600

000

800

000

1 0

00 0

00

1 2

00 0

00

R’ 000

2018

2019

Annu

ity R

even

ue

523

350

626

164

300

000

350

000

400

000

450

000

500

000

550

000

600

000

650

000

R’ 000

2018

2019

EBIT

DA

Stro

ng su

bscr

iptio

n (a

nnui

ty) r

even

ue g

row

th

Stro

ng su

bscr

iber

gro

wth

EBIT

DA g

row

th

EBIT

DA m

argi

n

31%

30%

20%

50%

17


NO

TES

18

FY 2

019

Segm

ent P

erfo

rman

ce: A

sia P

acifi

c

105

689

159

997

-

30

000

60

000

90

000

120

000

150

000

180

000

2018

2019

35 9

39

38 4

04

30

000

32

000

34

000

36

000

38

000

40

000

2018

2019

Subs

crip

tion

(ann

uity

) rev

enue

gro

wth

Stro

ng su

bscr

iber

gro

wth

EBIT

DA in

crea

sed

afte

r sub

stan

tial i

nves

tmen

t in

dist

ribut

ion

for f

utur

e gr

owth

EBIT

DA m

argi

n

51%

53%

7%

Annu

ity R

even

ueEB

ITDA

21%

R’ 000

R’ 000


NO

TESFY

201

9 Se

gmen

t Per

form

ance

: Eur

ope

111

065

142

204

-

20

000

40

000

60

000

80

000

100

000

120

000

140

000

160

000

2018

2019

64 5

27

60 4

18

-

10

000

20

000

30

000

40

000

50

000

60

000

70

000

2018

2019

Stro

ng su

bscr

iptio

n (a

nnui

ty)r

even

ue g

row

th

Stro

ng su

bscr

iber

gro

wth

EBIT

DA d

eclin

ed o

win

g to

subs

tant

ial i

nves

tmen

t in

dist

ribut

ion

for

futu

re g

row

th

EBIT

DA m

argi

n

28%

15%

(6%

)

Annu

ity R

even

ueEB

ITDA

41%

19

R’ 000

R’ 000


NO

TESFY

201

9 Se

gmen

t Per

form

ance

: Afri

ca (e

xclu

ding

Sou

th A

frica

)

92 9

70

97 6

05

-

20

000

40

000

60

000

80

000

100

000

120

000

2018

2019

34 6

71

41 6

50

-

10

000

20

000

30

000

40

000

50

000

2018

2019

Mod

est s

ubsc

riptio

n (a

nnui

ty) r

even

ue g

row

th

Mod

est s

ubsc

riber

gro

wth

EBIT

DA g

row

th

EBIT

DA m

argi

n

5% 4% 20%

Annu

ity R

even

ueEB

ITDA

36%

20

R’ 000

R’ 000


NO

TES

64

8185

100

116

46

5555

46

30

020406080100

120

140

2015

2016

2017

2018

2019

Rand (cents)

EPS

DPS

FY19

Ea

rning

s+1

6%

Y-O-

Y

Earn

ings

and

Div

iden

ds

21


NO

TES

33da

ysCa

pex

29%

Inventory

grow

thCo

ntract

asset

Stro

ng B

alan

ce S

heet

and

Cap

ital S

truct

ure

Unco

mpl

icat

ed, c

lean

bal

ance

she

et fu

nds

stra

tegi

c ob

ject

ives

•Hi

gh-g

row

th p

hase

with

acc

eler

ated

inve

stm

ent i

n cu

stom

er a

cqui

sitio

n

•Ca

pex

dire

ctly

link

ed w

ith re

venu

e

•St

rong

cash

flow

fore

cast

for t

he fo

rese

eabl

e fu

ture

•De

btor

s day

s -ke

y m

etric

indi

catin

g th

e:

•qu

ality

of s

ales

;

•op

erat

iona

l effe

ctiv

enes

s;

•a

stro

ng fo

cus o

n cr

edit

man

agem

ent;

•im

prov

ed co

llect

ions

pro

cess

es, a

nd

•pr

uden

t pro

visio

ning

pra

ctice

s tha

t will

be

mai

ntai

ned

FCF

(1)

35%

(1) FC

F co

nver

sion

rate

def

ined

as E

BITD

A –

Cape

x/ E

BITD

A22


NO

TESOut

look

Doub

le-d

igit

annu

ity re

venu

e an

d su

bscr

iber

gro

wth

exp

ecte

d fo

r the

fore

seea

ble

futu

re

23An

y fo

reca

st in

form

atio

n in

clude

d in

this

sect

ion

has n

ot b

een

revi

ewed

and

repo

rted

on

by C

artr

ack’

s au

dito

r in

acco

rdan

ce w

ith 8

.40(

a)

of th

e JS

E Li

stin

g Re

quire

men

ts. T

he d

irect

ors t

ake

sole

resp

onsib

ility

for t

he st

atem

ents

.


NO

TES

Q&A

24


SU

MM

ARIS

ED P

REL

IMIN

ARY

CON

SOLI

DAT

ED F

INAN

CIAL

RES

ULT

S 2

01

9

Financial highlights 26

Commentary 27

Summarised consolidated statement of financial position 35

Summarised consolidated statement of profit or loss 36

Summarised consolidated statement of comprehensive income 37

Summarised consolidated statement of changes in equity 38

Summarised consolidated statement of cash flows 40

Accounting policies 41

Notes to the consolidated financial statements 42

Corporate information IBC

CONTENTS


Robust subscriber growth of 28% to 960 798

Net subscriber additions of 209 418 (FY18: 150 770)

Subscription revenue up 30% to R1 521 million

Subscription revenue is 90% of the total revenue and growing

Total revenue up 28% to R1 693 million

EBITDA of R761 million (FY18: R651 million) with a margin of 45%

Operating margin of 30%

Operating profit up 15% to R500 million after accelerated

investment for growth

Basic earnings per share (‘EPS’) of 116 cents, up 16%

Headline EPS (‘HEPS’) of 116 cents, up 15%

Dividend per share of 12 cents

Cash generated from operating activities of R544 million

(FY18: R468 million)

FINANCIAL HIGHLIGHTS

45%

16%

15%

28%

28%


COMMENTARY

Isaias Jose Calisto (Zak), founder and Global Chief Executive Officer, commented, “We are pleased with our year end results driven by continued strength in our top line and margins. This year marks the sixth year of consecutive double-digit total company revenue and subscription revenue growth. Added to that, subscription revenue as a percentage of total revenue reached peak levels of 90% this year. We are equally excited about the continued growth and adoption of our advanced fleet management platform by a number of large corporate fleets in both Asia Pacific and mainland Europe. In South Africa, our industry-leading audited recovery rate of 92% underpins the superior specialised quality of the security technology required for the recovery of stolen vehicles.

Our vision remains to achieve global leadership in the telematics industry as we strive to be the technology leader, providing transformational solutions to manage fleets, workforces, and other non-powered assets, and help clients move their business operations into the digital age. As we focus on a highly underpenetrated market, Cartrack’s goal is to provide our customers and partners with real-time, actionable business intelligence, based on advanced technology and reliable data.”

Operational highlights » Significant upgrade to proprietary customer centric platform that will allow improved

operational efficiencies to deal with accelerated growth » Significant distribution footprint to lay a strong foundation through further

exponential growth in the years to come » Significant investment into back-office business systems with the aim of improving

the operational and financial control environment. This will drive efficiency as well as allowing the business to scale further

» Global management capacity has been increased with the appointment of a CIO, Jesse Young, an industry professional with 15 years of experience, who will be based at the R&D centre in Singapore. In conjunction with this role, the global COO role at Cartrack has been strategically split into separate operational and product innovation functions

» Harry Louw and Brendan Horan have joined Cartrack with a combined 35 years of solid telematics experience in Africa and abroad. Harry has joined as CEO of the South Africa region and Brendan takes on the role of Chief Strategy Officer and Investor Relations

» Cartrack is gathering significant momentum in its efforts to capitalise on the increase in global trends of artificial intelligence and data analytics and tangible results are already becoming evident from these efforts

» Cartrack’s industry-leading recovery rate of 92% underpins the quality of our security technology


Accounting and financial presentation changesThe Group adopted IFRS 9 – Financial instruments, IFRS 15 – Revenue from contracts with customers and IFRS 16 – Leases in the current year. The financial impacts of the adoption of these new accounting standards is disclosed in the consolidated financial statements.

As a result of the ongoing customer growth experienced by Cartrack, detailed consideration continues to be given to the average life of customer contracts to ensure that annuity revenue streams are aligned with the cost of delivering the service. The growth in the customer base over the past few years has provided a more comprehensive database of information and increased confidence regarding customer retention to support the current year’s assessment of the average life of a contract. On the basis of an actuarial assessment undertaken by the Group in the current year, the Group now depreciates capitalised contract costs over a 60 month period. Contracts which terminate prior to the 60 months result in accelerated depreciation being recognised immediately in profit or loss.

Accelerated subscriber growth in the future should no longer have a negative impact on operating profits or margins due to this change in accounting estimate.

Certain costs related to customer acquisition were also reclassified from operating expenses to cost of sales in the current year.

The consequence of these changes is that the prior and current year financial results are not directly comparable. However, our results are now considered to be more comparable to the earnings of our peers both globally and in South Africa.

Financial performance Group performanceCartrack delivered a strong performance across its key-growth-metrics, with total revenue growing by 28%, from R1,324 million to R1,693 million, and subscription revenue growing by 30% year-on-year, from R1,166 million to R1,521 million. Subscription revenue now represents 90% (FY18: 88%) of total revenue and we expect this to increase further with scale. The number of total subscribers increased by 28%, from 751,380 to 960,798 and the Group continues to maintain a strong pipeline and order book while focusing on fully utilising the distribution footprint it has expanded in the current financial year. The net new subscriber addition of 209,418 is a significant increase from the prior year net additions of 150,770, an achievement worth noting.

The decision for ongoing investment in pursuit of sensible growth coupled with the realisation of economies of scale across the businesses and segments will continue to generate robust results in the future and we foresee margin expansion in the short-term. We maintain a focus on ensuring a meaningful return on capital invested for our shareholders.

While the Group is gearing for continued sustainable growth, it continues to have an industry-leading EBITDA margin of 45% and an operating profit margin of 30%.

COMMENTARY (continued)


On the back of these metrics, management is satisfied with the business performance and delivery of basic EPS of 116 cents compared to 100 cents in the prior year.

The high return on equity of 50% and the return on assets of 28% indicate that capital was efficiently applied across the Group and that Cartrack‘s business model delivers very attractive returns on capital employed for shareholders.

It is anticipated that demand for telematics data will continue to increase and lucrative growth opportunities across all distribution channels will increase in all of Cartrack’s operating regions.

Segment overviewSouth AfricaThe South African segment delivered particularly strong subscription revenue growth of 31% from R854 million to R1,117 million, while subscribers grew by 30%. The sales mix in FY19 continued to include significantly more bundled sales resulting in a decrease in hardware and installation revenue. The combination of these two delivered strong revenue growth of 27% from R984 million to R1,246 million in a tough trading environment.

The increase in distribution expenses is largely a result of focused growth in subscriber acquisition driven through increased marketing expenses and expanded headcount. Investment in sales and marketing has had an immediate positive impact on subscriber growth and we plan to leverage these learnings across our 23 countries globally.

This expense line will right size as subscriber growth translates into revenue growth.

Similarly, the increase in non-distribution expenses is largely a result of the costs associated with collections. Cartrack has made a substantial investment in its back office to manage the credit risk associated with an economy under pressure. Cartrack will continue to exploit the growth opportunities in South Africa to the extent that operating profit margins can be maintained at target levels.

South Africa’s operating profit of R422 million, up from R376 million in the prior year, represents a 34% margin. We anticipate margin expansion and continued subscriber growth in FY20.1

Cartrack will continue to invest in data analytics and behavioural science to ensure insurance partners get relevant and accurate data to manage their own risk and enhance the customer’s experience.

As the subscriber base and vehicle community continues to grow, Cartrack will continue to identify and exploit opportunities to realise investment return from the economies of scale that this platform brings to it’s business. This, in turn, gives Cartrack further opportunity to drive operational efficiency and overall profitable performance.

1 Any forecast information included in this section has not been reviewed and reported on by Cartrack’s auditor in accordance with 8.40(a) of the JSE listing requirements. The directors take sole responsibility for the statements.


Asia PacificAsia Pacific is the second largest revenue contributor and the fastest growing segment in the Group, with total revenue up by 52% from R118 million to R180 million and subscription revenue up by 51% from R106 million to R160 million. These results are due to an increase of 53% in subscribers.

Given the heavy investment in distribution capabilities, the operating profit increased to R16 million up from R15 million in the prior year, representing a 9% margin. Management remains mindful that this segment has the largest potential in the long term and, as such, is devoted to acquiring and coaching the necessary talent to ensure successful long-term growth.

The market in this segment remains considerably underpenetrated due to fragmented market participants delivering entry-level telematics offerings, thereby enabling Cartrack to exploit its more sophisticated, reliable products and customer-centric services. Cartrack remains poised to exploit new opportunities while expanding cross-border relationships as it drives it’s robust and proven offerings to customers in this segment.

Cartrack has also identified the region as having significant strategic benefit to enable the efficient development of world class SaaS products. In line with this, management has taken the necessary steps to establish a R&D centre in Singapore to support the Group’s long term vision.

EuropeThe European segment delivered subscriber growth of 15%, total revenue growth of 27%, from R116 million to R148 million, and subscription revenue growth of 28% from R111 million to R142 million. The substantial increase in subscription revenue growth is largely attributable to subscriber sales done in the prior financial year.

Operating profit of R30 million, up from R19 million in the prior year, represents a 20% margin. The investment in distribution and operating capacity will continue as new channels to market are established. Cartrack is currently evaluating it’s strategy to expand into the rest of Europe.

Africa (excluding South Africa)The African segment (excluding South Africa) delivered an improved performance despite a weak regional economic backdrop. Africa continues to play a critical role in ensuring a high level of service to customers that increasingly do cross-border travel.

The subscriber base in Africa increased by 4% and subscription revenue grew by 5% from R93 million to R98 million , while total revenue increased by 11% from R105 million to R116 million, driven by an increase of new sales in the current year.

Operating profit increased to R39 million, up from R32 million in the prior year, representing a 33% margin. Management remains conscious of the importance and potential of this segment and Africa continues to generate positive cash flows.



USACartrack’s investment in the US has yielded many key insights that have positively contributed to the Group and this continues to be strategic in nature.

Managing our balance sheetCapital allocation and cash management are particularly important in a high-growth phase with accelerated investment in customer acquisition. Prudent management in this regard remains a key focus area which is monitored and managed on an ongoing basis.

Production has been planned to meet growth targets while ensuring that sufficient buffer stock remains available to provide for adequate lead-times associated with global distribution. Inventory balances increased marginally to meet growing demand.

The higher levels of rental sales and the corresponding increase in capitalised rental assets, the planned and continued investment in distribution and operating capacity of the Group, as well as the increase in inventory levels to ensure an uninterrupted realisation of the sales pipeline, have resulted in the re-investment of cash flows generated from operating activities into these business initiatives.

The current and quick ratios of 1.3 (FY18: 0.9) and 0.7 (FY18: 0.5) respectively, reflect a restructuring of short-term overdraft facilities to a structured medium-term loan. Debtors’ days (after prudent provisions for bad debt) remained within target at 33 days (FY18: 30 days). This is a key metric indicating the quality of sales, operational effectiveness and a strong focus on credit management.

Notwithstanding the significant and continuing investment in customer acquisition, Cartrack remains highly cash generative with a strong cash flow forecast for the foreseeable future.

Outlook1

As we look toward the future, Cartrack remains focused on related telematics and Internet of Things (‘IoT’) expansion. We continue to drive innovation through our interaction with customers and strategic research activities. We expect double-digit annuity revenue and subscriber growth to continue for the foreseeable future. Our long term growth is driven by four key factors:

» Connected Vehicles: We are enhancing our platform for connected-vehicles that is brand agnostic as we experiment in smart-mobility, partnering with two of the world’s leading companies in pay-as-a-service transportation. This development affirms the strengthening of telematics companies’ value proposition and the growing eco-system of services around the motor vehicle. We capitalise on our present and future opportunities as we leverage both Original Equipment Manufacturer (OEM) and third-party telematics devices and data.

1 Any forecast information included in this section has not been reviewed and reported on by Cartrack’s auditor in accordance with 8.40(a) of the JSE listing requirements. The directors take sole responsibility for the statements.


» Technology Investment Rises: Favourable industry dynamics are driving our position in the marketplace as our customers are becoming reliant on the telematics market to optimise business intelligence relating to both assets and people on a global scale. As a result of the rapidly changing market, we will continue to invest in technology, information management and human resources, as well as in the distribution and operating capacity in current and new markets

» Increased Demand for Telematics Data: We have seen a notable rise in demand for telematics data across the globe. Our key market, South Africa, remains underpenetrated, with many opportunities available to provide customer-centric solutions to individuals, enterprise customers and fleets alike. We believe that markets across the globe have a strong need for our products

» Exciting New Applications: As part of our drive to add value to our customers, we have added additional specialist applications to our software suite. This includes our easy-to-use administrative and vehicle cost accounting software called MiFleet and a CRM extension to assist our customers in driving profitability and customer retention within their businesses. As an ongoing commitment to our customers’ needs, we continue to invest significantly into the enhancement of our existing platforms.

The Africa management team, under a new management structure, with a refreshed distribution and operating capacity, is expected to positively impact the Group results on a sustained basis. The order book in Europe remains strong while new sales are being actively pursued. While subscriber growth and customer service remain the primary focus in Europe, cost rationalisation strategies will be implemented in order to increase operating profit and margin. Asia Pacific continues to gain operational mass as a region, with a strong sales pipeline and many opportunities that are being exploited. As a result of these global strategies, we are confident we will continue to drive strong top line growth and maintain healthy profitability levels.

Group profileCartrack is a leading global Software-as-a-Service provider of solutions for small, medium and large fleets and an insurance telematics, security and safety service provider for both businesses and consumers. Fleet management tracking and insurance-telematics services remain Cartrack’s primary offerings while growing its artificial intelligence, data analytics and enhanced value-added services capability in order to deliver additional value to it’s subscribers. Cartrack solutions are underpinned by real-time actionable business intelligence that drives tangible return on investment for it’s customers. Cartrack is also renowned for it’s agility and speed in developing innovative, first-to-market solutions that are aimed at further enhancing customer experience.

Cartrack’s impressive organic growth since being launched in 2004 has resulted in it developing an extensive footprint in 23 countries across Africa, Europe, North America, Asia Pacific and the Middle East. With a base fast approaching 1,000,000 active subscribers, the Group ranks among the largest telematics companies globally.

Cartrack is a vertically integrated service-centric organisation owning all its unique telematics IP and business processes ranging from in-house design, hardware



and software development, mobile-technical-workshops and sales, to the vehicle tracking tactical teams in specific territories. Hence, Cartrack is in full control of delivering a superior service while also protecting it’s healthy margins.

Basis of preparation and audit opinionThe statutory auditors, Deloitte & Touche have issued their opinion on the consolidated financial statements for the year ended 28 February, 2019 and have issued an unmodified audit opinion. The audit was conducted in accordance with the International Standards on Auditing (ISA). The summarised consolidated financial statements and consolidated financial statements were prepared by Fatima Hassim CA (SA) (Head: Consolidation and Reporting) under the supervision of Morne Grundlingh CA (SA) (Chief Financial Officer) and present a summary of the complete set of audited consolidated financial statements of Cartrack as approved on 27 May, 2019. The complete set of consolidated financial statements and the audit report is available at https://www.cartrack.co.za/investor-relations#financial and at Cartrack’s registered office for inspection. The directors take full responsibility and confirm that this summarised report is extracted from audited information, but is not itself audited. The summarised consolidated financial statements were prepared in accordance with the requirements of the Listings Requirements of the JSE Limited for preliminary financial reports, and the requirements of the Companies Act, 71 of 2008, applicable to summary financial statements.

The Listings Requirements require preliminary financial reports to be prepared in accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards (‘IFRS’) and the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as issued by the Financial Reporting Standards and at a minimum contains the information required by IAS 34. The accounting policies applied in the preparation of the consolidated financial statements from which the summarised consolidated financial statements were derived are in terms of IFRS and are consistent with those accounting policies applied in the preparation of the previous consolidated annual financial statements, with the exception of IFRS 9 – Financial Instruments, IFRS 15 – Revenue from contracts with customers and IFRS 16 – Leases.

The auditor’s report does not report on all of the information contained in this announcement. Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor’s engagement they should obtain a copy of the auditor’s report together with the accompanying financial information from the issuer’s registered office.

Dividend declarationOrdinary shareholders are advised that the board of directors has declared a final gross cash dividend of 12 cents per ordinary share (9,6 cents net of dividend withholding tax) for the year ended 28 February 2019 (the cash dividend), this is compared to a final dividend of 28 cents per ordinary share (22.4 cents net of dividend withholding tax) in the prior year. The cash dividend will be paid out of profits of the company.


The Group will continue to invest heavily in research and development, data analysis skills and distribution channels to expand and grow the subscriber base significantly. The increased sales are expected to generate a greater number of bundled contracts which will require funding. The Group will continue to be highly cash generative going forward but will require the retention of funding necessary to enable Cartrack to invest for growth to the extent necessary to achieve and maintain a debt-free balance sheet.

Consequently, management has re-evaluated the dividend policy, presently being a targeted cover of between 2 and 4 times HEPS. The revised dividend policy provides for a cover of between 2 and 6 times HEPS, to be effective for FY20.

Share code CTK

ISIN ZAE000198305Company registration number 2005/036316/06Company tax reference number 9108121162Dividend number 10Gross cash dividend per share 12 centsIssued share capital as at declaration date 300 000 000Declaration date Tuesday, 28 May, 2019Last date to trade cum dividend Tuesday, 11 June, 2019Shares commence trading ex-dividend Wednesday, 12 June, 2019Record date Friday, 14 June, 2019Dividend payment date Tuesday, 18 June, 2019

Share certificates may not be dematerialised or re-materialised between Wednesday, 12 June, 2019, and Friday, 14 June, 2019, both days inclusive.

Tax implicationsThe cash dividend is likely to have tax implications for both resident and non-resident shareholders. Shareholders are therefore encouraged to consult their professional tax advisers should they be in any doubt as to the appropriate action to take.

In terms of the South African Income Tax Act, the cash dividend will, unless exempt, be subject to dividend withholding tax (‘DWT’). South African resident shareholders that are liable for DWT, will be subject to DWT at a rate of 20% of the cash dividend and this amount will be withheld from the cash dividend. Non-resident shareholders may be subject to DWT at a rate of less than 20% depending on their country of residence and the applicability of any double tax treaty between South Africa and their country of residence.

On behalf of the board

David Brown Zak Calisto Chairman Global Chief Executive Officer

Johannesburg 28 May, 2019

Sponsor The Standard Bank of South Africa Limited



SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITIONas at 28 February 2019

Figures in Rand thousands Notes 2019 2018

AssetsNon-current assets

Goodwill 122 098 107 597Intangible assets 13 636 –Property, plant and equipment 4 705 974 516 045Contract asset 108 547 –Deferred tax asset 98 055 49 488

1 048 310 673 130

Current assetsInventories 206 026 173 680Trade and other receivables 5 215 589 154 952Loans to related parties 213 2 272Current tax receivable 7 054 4 143Cash and cash equivalents 51 906 69 573

480 788 404 620

Total assets 1 529 098 1 077 750

Equity and liabilitiesEquityShare capital 42 488 42 488Treasury shares (12 105) (12 105)Foreign currency translation reserve (15 462) (41 311)Retained earnings 806 306 601 224

Equity attributable to equity holders of parent 821 227 590 296Non-controlling interest 16 391 10 125

837 618 600 421

LiabilitiesNon-current liabilitiesInterest bearing loans 218 765 –Lease obligations 69 256 28 635Amounts received in advance – 5 253Deferred tax liabilities 33 197 2 316

321 218 36 204

Current liabilitiesInterest bearing loans 20 525 –Trade and other payables 155 530 111 722Loans from related parties 7 716 5 486Lease obligations 47 656 27 637Current tax payable 42 132 55 911Provision for warranties 2 564 6 482Amounts received in advance 80 377 68 860Bank overdraft 13 762 165 027

370 262 441 125

Total liabilities 691 480 477 329

Total equity and liabilities 1 529 098 1 077 750


SUMMARISED CONSOLIDATED STATEMENT OF PROFIT OR LOSSfor the year ended 28 February 2019

Figures in Rand thousands Notes 20192018

Restated*

Revenue 6 1 692 708 1 324 245Cost of sales (484 700) (357 093)

Gross profit 1 208 008 967 152Other income 6 279 9 091Expected credit losses on financial assets (45 171) –Operating expenses (669 197) (541 947)

Operating profit 499 919 434 296Finance income 2 749 3 641Finance costs (31 438) (15 729)

Profit before taxation 471 230 422 208Taxation (110 182) (111 726)

Profit for the year 361 048 310 482

Profit attributable toOwners of the parent 347 806 300 146Non-controlling interest 13 242 10 336

361 048 310 482

Earnings per shareBasic and diluted earnings per share (cents) 116,4 100,5

Note* Refer to note 2.1B for additional information regarding the restated figures.


SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 28 February 2019

Figures in Rand thousands 2019 2018

Profit for the year 361 048 310 482

Other comprehensive income/(loss) Items that may be reclassified to profit or loss in future periodsExchange differences on translating foreign operations 29 928 (2 795)

Other comprehensive income/(loss) for the year net of tax 29 928 (2 795)

Total comprehensive income for the year 390 976 307 687

Total comprehensive income attributable toOwners of the parent 373 655 303 386Non-controlling interest 17 321 4 301

390 976 307 687


Figures in Rand thousands NotesShare

capital

Foreign currency

translation reserve

Treasuryshares

Retained earnings

Total attributable to equity holders

of the groupNon-controlling

interest Total equity

Balance as at 1 March 2017 42 488 (44 551) (12 105) 461 745 447 577 14 200 461 777

Profit for the year – – – 300 146 300 146 10 336 310 482 Other comprehensive income/(loss) – 3 240 – – 3 240 (6 035) (2 795)

Total comprehensive income for the year – 3 240 – 300 146 303 386 4 301 307 687

Dividends – – – (158 345) (158 345) (7 696) (166 041)Acquisition of minority interest1 – – – (2 322) (2 322) 1 496 (826)Acquisition of Cartrack New Zealand Limited – minority interest – – – – – (2 176) (2 176)

Total contributions by and distribution to owners of company recognised directly in equity – – – (160 667) (160 667) (8 376) (169 043)

Balance as at 28 February 2018 42 488 (41 311) (12 105) 601 224 590 296 10 125 600 421

Balance at 1 March 2018 – as previously reported 42 488 (41 311) (12 105) 601 224 590 296 10 125 600 421

Adjustment arising on initial application of IFRS 16 (net of tax) 2C – – – (1 305) (1 305) (37) (1 342)Adjustment arising on initial application of IFRS 9 (net of tax) 2B – – – (3 922) (3 922) – (3 922)

Balance at 1 March 2018 – restated 42 488 (41 311) (12 105) 595 997 585 069 10 088 595 157

Profit for the year – – – 347 806 347 806 13 242 361 048Other comprehensive income – 25 849 – – 25 849 4 079 29 928


Dividends – – – (137 497) (137 497) (11 018) (148 515)


Balance at 28 February 2019 42 488 (15 462) (12 105) 806 306 821 227 16 391 837 618

Note1 Cartrack Technologies Asia Pte. Limited acquired full control of Cartrack Technologies (China) Limited and PT. Cartrack Technologies Indonesia.

SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITYfor the year ended 28 February 2019


Figures in Rand thousands NotesShare

capital

Foreign currency

translation reserve

Treasuryshares

Retained earnings

Total attributable to equity holders

of the groupNon-controlling

interest Total equity

Balance as at 1 March 2017 42 488 (44 551) (12 105) 461 745 447 577 14 200 461 777

Profit for the year – – – 300 146 300 146 10 336 310 482 Other comprehensive income/(loss) – 3 240 – – 3 240 (6 035) (2 795)


Dividends – – – (158 345) (158 345) (7 696) (166 041)Acquisition of minority interest1 – – – (2 322) (2 322) 1 496 (826)Acquisition of Cartrack New Zealand Limited – minority interest – – – – – (2 176) (2 176)


Balance as at 28 February 2018 42 488 (41 311) (12 105) 601 224 590 296 10 125 600 421

Balance at 1 March 2018 – as previously reported 42 488 (41 311) (12 105) 601 224 590 296 10 125 600 421

Adjustment arising on initial application of IFRS 16 (net of tax) 2C – – – (1 305) (1 305) (37) (1 342)Adjustment arising on initial application of IFRS 9 (net of tax) 2B – – – (3 922) (3 922) – (3 922)

Balance at 1 March 2018 – restated 42 488 (41 311) (12 105) 595 997 585 069 10 088 595 157

Profit for the year – – – 347 806 347 806 13 242 361 048Other comprehensive income – 25 849 – – 25 849 4 079 29 928


Dividends – – – (137 497) (137 497) (11 018) (148 515)


Balance at 28 February 2019 42 488 (15 462) (12 105) 806 306 821 227 16 391 837 618

Note1 Cartrack Technologies Asia Pte. Limited acquired full control of Cartrack Technologies (China) Limited and PT. Cartrack Technologies Indonesia.


Figures in Rand thousands Notes 2019 2018

Cash flows from operating activitiesCash generated from operations 707 208 589 073 Finance income 2 749 3 641 Finance costs (23 350) (11 819)Taxation paid (142 895) (113 082)

Net cash generated from operating activities 543 712 467 813

Cash flows from investing activitiesPurchase of property, plant and equipment and contract assets (493 515) (420 067)Proceeds on disposal of property, plant and equipment 4 423 3 432 Investment in intangible assets (13 636) –Decrease in loans to related parties 2 059 2 354 Acquisition of subsidiaries, net of cash acquired – (2 176)

Net cash utilised by investing activities (500 669) (416 457)

Cash flows from financing activities:Increase in loans from related parties 2 230 2 011 Increase in interest bearing loans 239 290 – Net lease obligation (repayments) advances (9 599) 21 779 Dividends paid (148 515) (166 041)Increased in holding of subsidiaries – (826)

Net cash generated from/(utilised by) financing activities 83 406 (143 077)

Total cash movements for the year 126 449 (91 721)Cash and cash equivalents as at the beginning of the year (95 454) (2 227)Translation differences on cash and cash equivalents 7 149 (1 506)

Total cash and cash equivalents at the end of the year 38 144 (95 454)

SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 28 February 2019


as at 28 February 2019

ACCOUNTING POLICIES

1. Presentation of group financial statements Basis of measurement The consolidated annual financial statements have been prepared on the historical cost basis with the exception of certain financial instruments which have been fair valued.

Going concern The consolidated annual financial statements are prepared on the going-concern basis as the directors believe that the required funding will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent obligations and commitments will occur in the ordinary course of business.


2. Changes in significant accounting policiesThe group adopted IFRS 9, IFRS 15 and IFRS 16 in the current year and the modified retrospective approach, permitted in terms of these standards, was utilised.

A. IFRS 15 Revenue from Contracts with Customers

IFRS 15 replaces IAS 18 Revenue and related interpretations. IFRS 15 establishes a five step model to account for revenue arising from contracts with customers and requires that revenue be recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring of a good or service.

IFRS 15 requires entities to exercise judgement, taking into consideration all the relevant facts and circumstances when applying each step of the revenue recognition model to contracts with customers. The standard also specifies the accounting for revenue recognition costs directly related to obtaining a customer contract.

The group has adopted IFRS 15 using the modified retrospective approach with the date of initial application being 1 March 2018, and applied the new accounting to all contracts that were in existence at 1 March 2018, which resulted in no impact on opening retained income.

The group principally generates revenue from providing Fleet management (“Fleet”), Stolen Vehicle Recovery (“SVR”) and insurance telematics services. It provides fleet, mobile asset and workforce management solutions, underpinned by real-time actionable business intelligence, delivered as Software-as-a-Service (“SaaS”), as well as the tracking and recovery of stolen vehicles. The underlying revenue arises from the telematics contract arrangements with its customers.

The group separately assessed the performance obligations arising from the upfront hardware cash option and subscription rental option arising from the telematics services contracts with its customers.

Hardware salesHardware revenue is recognised when the telematics unit is sold separately and the customer pays in full for the unit. This accounting treatment is consistent with the basis of revenue recognition in terms of IAS 18 with the exception that hardware and installation revenues were previously recognised as one transaction whereas these are considered to contain separate performance obligations in terms of IFRS 15.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS as at 28 February 2019


Installation revenuesInstallation revenue for cash option contracts is recognised when the unit is successfully installed.

Subscription revenuesRevenues arising from the telematics service is recognised as the service is provided. The treatment is consistent with the treatment under IAS 18.

The group has assessed whether its contract arrangement contain a significant financing component and it was determined that the contracts do not contain a significant financing component.

Contract assetThe group has capitalised incremental sales commissions arising from activated contracts. Under IAS 18, the incremental cost were capitalised to Capital rental units (Property, plant and equipment) and under IFRS 15 these costs have been capitalised to a Contract asset. This change had no impact on opening retained earnings.

There are no further revenue streams which were impacted by the adoption of IFRS 15.

B. IFRS 9 Financial Instruments

IFRS 9 Financial Instruments replaces IAS 39 Financial Instruments: Recognition and Measurement for annual periods beginning on or after 1 January 2018, bringing together all three aspects of the accounting for financial instruments: classification and measurement; impairment; and hedge accounting.

The group applied IFRS 9 prospectively, with an initial application date of 1 March 2018. The group has not restated the comparative information, due to the adoption of the modified retrospective approach. Differences arising from the adoption of IFRS 9 have been recognised directly in retained earnings.

The effect of adopting IFRS 9 at 1 March 2018 was as follows:

Figures in Rand thousands

Impact ofadopting IFRS 9at 1 March 2018

Retained earnings

Recognition of expected credit losses under IFRS 9 (5 323)

Related deferred tax 1 401

Impact on retained earnings at 1 March 2018 (3 922)


2. Changes in significant accounting policies (continued)B. IFRS 9 Financial Instruments (continued)

i. Classification and measurement of financial assets and financial liabilitiesIFRS 9 contains three principal classification categories for financial assets: measured at amortised cost, Fair value through OCI and Fair value through profit or loss. The classification is based on two criteria: the group’s business model for managing the assets; and whether the instruments’ contractual cash flows represent ‘solely payments of principal and interest’ on the principal amount outstanding.

The assessment of the group’s business model was made as of the date of initial application, 1 March 2018. The assessment of whether contractual cash flows on debt instruments are solely comprised of principal and interest was made based on the facts and circumstances as at the initial recognition of the assets.

The classification and measurement requirements of IFRS 9 has not had a significant impact to the group.

The group has not designated any financial liabilities as at fair value through profit or loss or OCI. There are no changes in classification and measurement for the group’s financial liabilities.

The following table and the accompanying notes below explain the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the group’s financial assets and financial liabilities as at 1 March 2018.

The impact of adopting IFRS 9 on the carrying amounts of financial assets at 1 March 2018 relates solely to the new impairment requirements.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued) as at 28 February 2019


Figures in Rand thousands Classification under IAS 39

Classification under IFRS 9

Carrying value amount under

IAS 39

Carrying value amount

under IFRS 9

Financial Assets

Trade and other receivables Loans and receivables at

amortised costs

Amortised Cost 154 952 149 629

Loans to related parties Loans and receivables at

amortised costs


Cash and cash equivalents Loans and receivables at

amortised costs


Total financial assets 226 797 221 474

Financial Liabilities

Bank overdrafts Other financial liabilities at

amortised cost

Amortised Cost (165 027) (165 027)

Loans from related parties Other financial liabilities at

amortised cost

Amortised Cost (5 486) (5 486)

Instalment sales obligation Other financial liabilities at

amortised cost


Trade and other payables Other financial liabilities at

amortised cost

Amortised Cost (111 722) (111 722)

Provision for warranties Other financial liabilities at

amortised cost


Total financial liabilities (344 989) (344 989)


2. Changes in significant accounting policies (continued)ii. Impairment of financial assetsIFRS 9 replaces the ‘incurred loss’ model in IAS 39 with an ‘expected credit loss’ (ECL) model. IFRS 9 requires the group to recognise an allowance for ECL for all debt instruments not held at fair value through profit or loss and contract assets.

The group applies the simplified approach to calculate the ECL of trade receivables and contract assets. The provision rates are based on days past due for grouping that have similar loss patterns. The provision matrix is initially based on the group’s historical observed default rates and then adjusted. The group calibrates the matrix to adjust the historical credit loss experience with forward looking information. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.

C. IFRS 16 Leases

IFRS 16 applies to annual reporting periods beginning on or after 1 January 2019, but can be early adopted. The group adopted IFRS 16 as from 1 March 2018.

The following summarises the impact, net of tax, of transition to the IFRS 16 on retained earnings at 1 March 2018.


Impact of adopting

IFRS 161 March 2018

Retained earnings

Reversal of lease payments recognised under IAS 17 31 627

Depreciation of right-of-use assets (29 001)

Unwinding of finance cost element recognised in capitalised lease liability (3 822)

Related deferred tax (109)

Impact on retained earnings at 1 March 2018 (1 305)

Non-controlling interests

Reversal of lease payments recognised under IAS 17 789

Depreciation of right-of-use assets (721)

Unwinding of finance cost element recognised in capitalised lease liability (100)

Related deferred tax (5)

Impact on non-controlling interests at 1 March 2018 (37)



i. Transition

The group has chosen to apply the modified retrospective approach on adoption of IFRS 16. It includes certain relief in terms of the measurement of the right-of-use asset and the lease liability at 1 March 2018. The modified retrospective approach does not require a restatement of comparatives.

2.1 Changes in significant accounting estimates and restatement of comparative disclosures

IFRS 16 applies to annual reporting periods beginning on or after 1 January 2019, but can be early adopted. The group adopted IFRS 16 as from 1 March 2018.

A. Change in accounting estimate in relation to expected useful life of capital rental units and contract assets

The group undertook a detailed assessment in the current year as done in prior years of the expected life cycle of customer contracts across the group. The continued growth in the customer base over the past few years has provided a more comprehensive database of information and more certainty to support the assessment of the average useful life of contracts. On the basis of actuarial-based assessment, the group changed its estimate of the average useful life to 60 months, which directly impacts the depreciation of capital units and contract assets. Contracts which terminate prior to 60 months result in accelerated depreciation of the underlying capital rental and the contract asset being recognised immediately.

This change in estimate was accounted for prospectively in terms of IAS 16 and IAS 8. Detailed below is the accounting impact on profit or loss of the change in the current year, which is primarily due to the substantial growth in capital units experienced during FY19.


2.1A Change in accounting estimate in relation to the expected useful life of the capital rental units and contract assets (continued)


Impact for the year ended

28 February 2019

Statement of profit or loss

Recognition of depreciation over a period of 60 months 206 774

Recognition of depreciation over a period of 36 months (325 246)

Impact on profit and loss (118 472)

Statement of financial position

Increase in net book value of property, plant and equipment 118 472

Impact on property, plant and equipment 118 472

The future impact is not determinable as this depends on future revenue growth which drives the extent of capital rental units. However, going forward, accelerated growth in the customer sectors in which the group currently operates is not expected to have a similar accounting impact on profit or loss.



2.1 Changes in significant accounting estimates and restatement of comparative disclosures (continued)

B. Restatement of comparative disclosures

i. Restatement of cost of sales and operating expenses disclosureThe depreciation of capitalised sales commissions, motor vehicle costs and technician salaries were erroneously included as part of operating expenses in 2018. The group believes that these costs relate directly to cost of sales and therefore the depreciation of these costs has been reclassified in 2018 into cost of sales, to ensure consistency with the current year disclosure of these costs.The restatement had no impact on profits, earnings per share, headline earnings per share, cash flows or the financial position of the group, it only impacted on the disclosure of operating expenses and cost of sales as detailed below:


Impact of reclassification for

the year ended 28 February 2018

Statement of profit or loss

Operating expenses 123 144

Cost of sales (123 144)

Impact on operating profit –


3. Segment reportingThe group is organised into geographical business units and has five reportable segments.

The CODM monitors the operating results of its segments separately for the purpose of making decisions about resource allocation and performance assessment.

Segment results were fundamentally evaluated in the current year based on revenue and EBITDA as the profit or loss measures. As a result, the 2018 comparatives have been presented on a consistent basis with the 2019 disclosures.

The segment’s revenue, depreciation and EBITDA information provided to the group CEO, group CFO and group COO for the reportable segments for the year ended 28 February 2019 is as follows:

Figures in Rand thousandsSubscription

revenue

Hardware and other revenue

before eliminations Eliminations

Inter-segment revenue


after eliminations and

inter-segment Total revenue Depreciation EBITDA

28 February 2019

Geographical business units

South Africa 1 116 829 623 382 (486 604) (7 861) 128 917 1 245 746 201 988 626 164

Africa-Other 97 605 10 171 – 7 861 18 032 115 637 3 372 41 650

Europe 142 204 11 463 (6 075) – 5 388 147 592 33 488 60 418

Asia-Pacific and Middle East 159 997 42 896 (23 150) – 19 746 179 743 22 088 38 404

USA 3 905 6 493 (6 408) – 85 3 990 575 (5 206)

Total 1 520 540 694 405 (522 237) – 172 168 1 692 708 261 511 761 430

28 February 2018


South Africa 854 416 562 704 (424 561) (8 868) 129 275 983 691 147 195 523 350

Africa-Other 92 970 2 805 – 8 868 11 673 104 643 2 863 34 671

Europe 111 065 9 813 (4 615) – 5 198 116 263 45 583 64 527


USA 1 392 – – – – 1 392 225 (7 687)

Total 1 165 532 598 131 (439 418) – 158 713 1 324 245 216 504 650 800

There are no customers which contribute in excess of 10% of the group revenue.



3. Segment reportingThe group is organised into geographical business units and has five reportable segments.

The CODM monitors the operating results of its segments separately for the purpose of making decisions about resource allocation and performance assessment.

Segment results were fundamentally evaluated in the current year based on revenue and EBITDA as the profit or loss measures. As a result, the 2018 comparatives have been presented on a consistent basis with the 2019 disclosures.

The segment’s revenue, depreciation and EBITDA information provided to the group CEO, group CFO and group COO for the reportable segments for the year ended 28 February 2019 is as follows:

Figures in Rand thousandsSubscription

revenue


before eliminations Eliminations

Inter-segment revenue


after eliminations and

inter-segment Total revenue Depreciation EBITDA

28 February 2019


South Africa 1 116 829 623 382 (486 604) (7 861) 128 917 1 245 746 201 988 626 164

Africa-Other 97 605 10 171 – 7 861 18 032 115 637 3 372 41 650

Europe 142 204 11 463 (6 075) – 5 388 147 592 33 488 60 418


USA 3 905 6 493 (6 408) – 85 3 990 575 (5 206)

Total 1 520 540 694 405 (522 237) – 172 168 1 692 708 261 511 761 430

28 February 2018


South Africa 854 416 562 704 (424 561) (8 868) 129 275 983 691 147 195 523 350

Africa-Other 92 970 2 805 – 8 868 11 673 104 643 2 863 34 671

Europe 111 065 9 813 (4 615) – 5 198 116 263 45 583 64 527


USA 1 392 – – – – 1 392 225 (7 687)

Total 1 165 532 598 131 (439 418) – 158 713 1 324 245 216 504 650 800

There are no customers which contribute in excess of 10% of the group revenue.


3. Segment reporting (continued)Reconciliation of EBITDA to profit before taxation


EBITDA 761 430 650 800

Depreciation (261 511) (216 504)

Operating profit 499 919 434 296Finance income 2 749 3 641Finance costs (31 438) (15 729)

Profit before taxation 471 230 422 208


Total assetsSouth Africa 975 638 627 548 Africa-Other 162 373 138 725 Europe 217 623 196 314 Asia-Pacific and Middle East 165 256 105 754 USA 8 208 9 409

Total 1 529 098 1 077 750


Total liabilitiesSouth Africa 493 751 346 091 Africa-Other 46 923 37 812 Europe 87 286 52 089 Asia-Pacific and Middle East 63 364 39 482 USA 156 1 855

Total 691 480 477 329



4. Property, Plant and equipment

2019 2018

Figures in Rand thousands Cost

Accumulateddepreciation

Carrying value Cost

Accumulateddepreciation

Carrying value

Buildings 1 962 – 1 962 6 592 (2 305) 4 287

Capital rental units* 1 091 014 (541 032) 549 982 761 803 (334 430) 427 373

Computer software 8 542 (3 720) 4 822 5 939 (1 419) 4 520

Furniture and fixtures 9 864 (5 855) 4 009 7 314 (4 381) 2 933

IT equipment 58 770 (29 491) 29 279 35 865 (22 413) 13 452

Leasehold improvements 15 430 (10 355) 5 075 5 333 (4 208) 1 125

Motor vehicles 116 693 (45 733) 70 960 91 964 (31 103) 60 861

Office equipment 4 926 (4 063) 863 3 667 (3 169) 498

Plant and machinery 2 783 (2 481) 302 2 166 (1 469) 697

Right-of-use assets** 53 365 (15 226) 38 139 – – –

Security equipment 1 235 (654) 581 805 (506) 299

Total 1 364 584 (658 610) 705 974 921 448 (405 403) 516 045


4. Property, Plant and equipment (continued)Reconciliation of property, plant and equipment – 2019


Opening balance

as previously reported IFRS 15 IFRS 16

Openingbalance

restated Additions Disposals Reclassi-

fications Translation

adjustments Depreciation Total

Buildings 4 287 – – 4 287 – – (2 560) 235 – 1 962

Capital rental units* 427 373 (58 796) – 368 577 353 655 (116) 581 11 063 (183 778) 549 982

Computer software 4 520 – – 4 520 2 103 – 438 (234) (2 005) 4 822

Furniture and fixtures 2 933 – – 2 933 1 930 – 178 366 (1 398) 4 009

IT equipment 13 452 – – 13 452 27 636 (33) (2 603) 2 528 (11 701) 29 279

Leasehold improvements 1 125 – – 1 125 3 357 – 4 042 (659) (2 790) 5 075

Motor vehicles 60 861 – – 60 861 31 831 (1 823) (331) 1 018 (20 596) 70 960

Office equipment 498 – – 498 927 – (41) 55 (576) 863

Plant and machinery 697 – – 697 490 (94) (39) (70) (682) 302

Right-of-use assets** – – 34 128 34 128 14 897 – 23 3 919 (14 828) 38 139

Security equipment 299 – – 299 132 – 312 (1) (161) 581

Total 516 045 (58 796) 34 128 491 377 436 958 (2 066) – 18 220 (238 515) 705 974





Opening balance

as previously reported IFRS 15 IFRS 16

Openingbalance

restated Additions Disposals Reclassi-

fications Translation

adjustments Depreciation Total

Buildings 4 287 – – 4 287 – – (2 560) 235 – 1 962

Capital rental units* 427 373 (58 796) – 368 577 353 655 (116) 581 11 063 (183 778) 549 982

Computer software 4 520 – – 4 520 2 103 – 438 (234) (2 005) 4 822

Furniture and fixtures 2 933 – – 2 933 1 930 – 178 366 (1 398) 4 009

IT equipment 13 452 – – 13 452 27 636 (33) (2 603) 2 528 (11 701) 29 279

Leasehold improvements 1 125 – – 1 125 3 357 – 4 042 (659) (2 790) 5 075

Motor vehicles 60 861 – – 60 861 31 831 (1 823) (331) 1 018 (20 596) 70 960

Office equipment 498 – – 498 927 – (41) 55 (576) 863

Plant and machinery 697 – – 697 490 (94) (39) (70) (682) 302

Right-of-use assets** – – 34 128 34 128 14 897 – 23 3 919 (14 828) 38 139

Security equipment 299 – – 299 132 – 312 (1) (161) 581

Total 516 045 (58 796) 34 128 491 377 436 958 (2 066) – 18 220 (238 515) 705 974



Figures in Rand thousands Opening balance Additions

Acquisition of subsidiaries Disposals

Translationadjustments Depreciation Total

Buildings 4 234 821 – – 380 (1 148) 4 287

Capital rental units* 258 077 358 692 88 – 5 089 (194 573) 427 373

Computer software 2 043 2 696 – – 153 (372) 4 520

Furniture and fixtures 2 712 1 409 – (61) (38) (1 089) 2 933

IT equipment 7 687 13 309 22 (181) (984) (6 401) 13 452

Leasehold improvements 303 1 086 – – (126) (138) 1 125

Motor vehicles 32 909 41 433 227 (1 900) 319 (12 127) 60 861

Office equipment 232 361 – – 257 (352) 498

Plant and machinery 753 164 – – (20) (200) 697

Right-of-use assets** – – – – – – –

Security equipment 305 96 – – 2 (104) 299

Total 309 255 420 067 337 (2 142) 5 032 (216 504) 516 045

Notes* In terms of IFRS 15, contract assets are disclosed separately. The costs capitalised to contract assets were previously capitalised to Capital rental units. An amount of R58 795 669 has been reclassified from Property, Plant and Equipment to Contract assets on 1 March 2018.** In terms of IFRS 16, leases which meet the requirements of the accounting standard are

recognised as right of use asset in Property, Plant and Equipment and depreciated over the lease term.

Assets subject to instalment sale agreements


The carrying value of assets subject to instalment sale agreements (refer note 15) is as follows:

Motor vehicles 70 530 58 031



5. Trade and other receivables


Trade receivables 221 956 151 959 Expected credit loss provision (43 670) (30 382)

178 286 121 577 Prepayments 21 420 20 233 Deposits 3 964 2 912 Sundry debtors 9 218 8 984 Value added tax 2 701 1 246

215 589 154 952

Loans and receivablesThe group recognises a loss allowance for expected credit losses on financial assets that are measured at amortised cost.

The determination of the expected credit loss provision is calculated on a basis specific to each customer grouping and jurisdiction in which the group operates and requires significant judgement.



Reconciliation of allowance for expected credit loss on trade receivables


Opening balance (30 382) (33 898)Increase in allowance for expected credit losses (69 091) (36 043)Amounts utilised 55 803 39 559

Closing balance (43 670) (30 382)

6. RevenueThe effect of applying IFRS 15 on the group’s revenue from contracts with customers is described in Note 2A.

A. Revenue streamsThe group principally generates revenue from providing Fleet management (‘Fleet’), Stolen Vehicle Recovery (‘SVR’) and insurance telematics services. It provides fleet, mobile asset and workforce management solutions, underpinned by real-time actionable business intelligence, delivered as Software-as-a-Service (SaaS), as well as the tracking and recovery of stolen vehicles.


Revenue from contracts with customersSubscription revenue 1 520 540 1 165 532 Hardware sales 126 299 138 639 Installation revenue 2 578 –

1 649 417 1 304 171

Other revenue Miscellaneous rental contract fees 43 291 20 074

Total revenue 1 692 708 1 324 245


6. Revenue (continued)B. Disaggregation of revenue from contracts with customers

In the following table, revenue from contracts with customers is disaggregated by primary geographical market, major products and service lines and timing of revenue recognition.

Subscription revenue Hardware sales Installation revenue Miscellaneous rental contract fees Total

Figures in Rand thousands 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018

Primary geographical marketsSouth Africa 1 116 829 854 416 84 351 110 512 1 721 – 42 845 18 763 1 245 746 983 691Africa-Other 97 605 92 970 17 459 11 449 356 – 217 224 115 637 104 643Europe 142 204 111 065 5 207 5 198 107 – 74 – 147 592 116 263 Asia-Pacific and Middle East 159 997 105 689 19 282 11 480 394 – 70 1 087 179 743 118 256 USA 3 905 1 392 – – – – 85 – 3 990 1 392

1 520 540 1 165 532 126 299 138 639 2 578 – 43 291 20 074 1 692 708 1 324 245

Timing of revenue recognitionProducts transferred at a point in time – – 126 299 138 639 2 578 – 43 291 20 074 172 168 158 713Products and services transferred over time 1 520 540 1 165 532 – – – – – – 1 520 540 1 165 532

Total revenue 1 520 540 1 165 532 126 299 138 639 2 578 – 43 291 20 074 1 692 708 1 324 245



6. Revenue (continued)C. Performance obligations and revenue recognition policies

Revenue is measured based on the consideration specified in a contract with a customer. The group recognises revenue when it transfers control over a good or service to a customer.

The following table provides information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies.

Type of product/service Payment option

Nature and timing of satisfaction of performance obligations, including significant payment terms

Revenue recognition under IFRS 15 (applicable from 1 March 2018)

Revenue recognition under IAS 18 (applicable before 1 March 2018)

Hardware sales Cash Customers obtain control of the hardware when the units are successfully installed. Invoices are generated at that point in time. The payment terms are usually 30 days.

The group recognises revenue from the sale of hardware when the unit is installed, and control and ownership has been transferred to the customer.

The group recognised revenue from the sale of hardware and installations when significant risks and rewards of ownership were transferred to the customer upon installation.

Installation revenue Cash Installation is recognised when the unit is successfully installed. The payment terms are generally 30 days.

The group recognises revenue when the unit is installed, and control and ownership has been transferred to the customer.

The group recognised revenue from the sale of installations when significant risks and rewards of ownership were transferred to the customer upon installation. This was included as part of hardware revenue.

Subscription revenue Cash and rental Services will be provided to a customer once a unit is successfully installed until cancellation of the contract. Invoices are generated monthly in advance and payable on presentation.

The group recognises revenue over time as the telematics services are provided.

The group recognised revenue over time as the services were provided.

Miscellaneous rental contract fees Cash and rental Miscellaneous rental contract fees will be charged to a customer when a service is provided. The payment terms are generally 30 days.

The group recognises revenue when the service is provided.

The group recognised revenue when the service was provided.



7. Related parties

Relationships

Related parties

Onecell Community Phones Proprietary Limited

IJ Calisto has a beneficial interest in this company

Onecell Community Services Proprietary Limited


Onecell Data Solutions Proprietary LimitedIJ Calisto has a beneficial interest in this company

Onecell Namibia Proprietary LimitedIJ Calisto has a beneficial interest in this company

Onecell Holdings Proprietary LimitedIJ Calisto has a beneficial interest in this company

Purple Rain Properties No. 444 Proprietary Limited


Onecell Proprietary LimitedIJ Calisto has a beneficial interest in this company

Cartrack Education Fund (NPO)Bursary funding – South Africa entities

A.H. NyimboShareholder – Retriever Limited

J MaraisShareholder – Cartrack Holdings Limited

P LimShareholder – Cartrack Technologies PHL. INC

SM Machel Jr.Shareholder – Cartrack Limitada

Pro-Fit Fitment Centre Proprietary LimitedBEE funded company – Cartrack Proprietary Limited

J De WetShareholder – Cartrack New Zealand Limited

Brick Capital Polska Sp.Zo.OIJ Calisto has a beneficial interest in this company

Brick Capital LdaIJ Calisto has a beneficial interest in this company

Georgem Proprietary LimitedJ Marais has a beneficial interest in this company

JMPG Marcelino Shareholder of Autoclub Lda

Cartrack Mozambique LDAIJ Calisto has a beneficial interest in this company

CFC Sp.Zo.O B Debski is a director

Prime Business B.Debski B Debski is a director

Karoo Pvt LimitedIJ Calisto has a beneficial interest in this company



7. Related parties (continued)

Subsidiary companies Cartrack Proprietary Limited

Retriever Limited

Cartrack Tanzania Limited

Cartrack Engineering Technologies Limited

Cartrack Namibia Proprietary Limited

Cartrack Technologies Proprietary Limited

Cartrack Technologies Pte. Limited

Cartrack Management Services Proprietary Limited

Drive and Save Proprietary Limited

Cartrack Manufacturing Proprietary Limited

Cartrack North East Proprietary Limited

Cartrack Executive Trust

Cartrack Limitada

Cartrack Polska.SP.ZO.O

Cartrack Fleet Management Proprietary Limited

Zonke Bonke Telecoms Proprietary Limited

Plexique Proprietary Limited

Combined Telematics Services Proprietary Limited

Cartrack Investments UK Limited

Cartrack Malaysia SDN.BHD

Cartrack Technologies PHL.INC

Cartrack Technologies South East Asia Pte. Limited

Cartrack Technologies (China) Limited

Cartrack Europe SGPS, S.A.

Cartrack Capital SGPS, S.A.

Cartrack Espana, S.L.

Cartrack Australia Proprietary Limited

PT. Cartrack Technologies Indonesia

Cartrack Technologies (Thailand) Company Ltd


7. Related parties (continued)Figures in Rand thousands 2019 2018

Related party balancesLoan accounts – owing (to)/by related partiesAH Nyimbo – (996)Pro-Fit Fitment Centre Proprietary Limited – 2 063 Cartrack Education Fund (NPO) 200 200 J Marais 13 – J De Wet (5 551) (3 043)P Lim (2 151) (1 443)Onecell Proprietary Limited – 9 Onecell Proprietary Limited (14) (4)

(7 503) (3 214)Amounts included in trade receivables/(trade payables) regarding related partiesTrade receivablesOnecell Proprietary Limited 6 664 1 323 Pro-Fit Fitment Centre Proprietary Limited) – 4 919 Onecell Holdings Proprietary Limited 3 3 Cartrack Mozambique LDA – 1 655 Trade payablesPro-Fit Fitment Centre Proprietary Limited – (889)Onecell Proprietary Limited (52) (105)Onecell Community Services Proprietary Limited (339) (676)Purple Rain Properties No. 444 Proprietary Limited – (890)Onecell Holdings Proprietary Limited (21) (30)Brick Capital LDA – (8)

6 255 5 302 Related party transactionsSales to related partiesOnecell Proprietary Limited (4 042) (6 191)CFC.Sp.Zo.O (114) –Pro-Fit Fitment Centre Proprietary Limited – (1 463)

Cartrack Mozambique LDA – (1 655)

Brick Capital Polska SP. Z0.0 (1) –

Prime Business B. Debski (44) – (4 201) (9 309)

Purchases from related partiesOnecell Holdings Proprietary Limited 208 433 Onecell Proprietary Limited 467 395 CFC.Sp.Zo.O 7 601 – Prime Business B. Debski 148 – Onecell Community Phones Proprietary Limited 1 819 2 263 Pro-Fit Fitment Centre Proprietary Limited – 6 322

10 243 9 413 Rent paid to related partiesPurple Rain Properties No. 444 Proprietary Limited 17 613 6 598 Prime Business B. Debski 836Brick Capital Lda 3 921 –Brick Capital Polska Sp.Zo.o 1 694 2 022

24 091 8 620



8. Earnings per share information2019 2018

8.1 Basic earnings per shareThe calculation of basic earnings per share has been based on the profit attributable to ordinary shareholders and the weighted average number of ordinary shares in issue.

Basic earnings per shareBasic earnings per share (cents) 116,4 100,5

Weighted average number of ordinary shares (‘000) Issued at the beginning of the year 300 000 300 000 Effect of treasury shares held (1 234) (1 234)

298 766 298 766

Basic earningsProfit attributable to ordinary shareholders 347 806 300 146

8.2 Headline earnings per shareThe calculation of headline earnings per share has been based on the profit attributable to ordinary shareholders computed in terms of Saica Circular 04/2018 and the weighted average number of ordinary shares in issue as determined above in basic earnings per share section.

Headline earnings per share (cents) 115,8 100,5

Reconciliation between basic earnings and headline earningsBasic earnings 347 806 300 146 Adjusted forProfit on disposal of property, plant and equipment net of tax (1 697) (929)

346 109 299 217

8.3 Diluted earnings per shareThere are no dilutive instruments and therefore diluted earnings per share is the same as basic earnings per share.


9. CommitmentsThere are no capital commitments at the year-end.

10. Events after the reporting periodCartrack Proprietary Limited disposed of 51% of its interest in the share capital of Plexique Proprietary Limited to Bumbene House Proprietary Limited, a 100% black owned company, as part of its B-BBEE strategy. This transaction is not considered material to the group.

On 28 February 2019, One August Holdings Proprietary Limited disposed of 204 500 000 ordinary shares to Karoo Private Limited in an off-market transaction at R13,44 per share. This transaction was entered into for the purpose of Karoo Private Limited (owned by IJ Calisto and his direct family) acquiring and owning the shares in Cartrack.

The share price was determined by using the Volume Weighted Average Price over the preceding 30-day period. The fulfilment of the transaction is subject to applicable regulatory requirements and other conditions precedent. Prior clearance for this transaction was obtained and it was announced on SENS on 1 March 2019.

Dividends of 12 cents per share will be declared and paid on 18 June 2019.

The directors are not aware of any other material event which occurred after the reporting date and up to the date of this report for the company.


9. CommitmentsThere are no capital commitments at the year-end.

10. Events after the reporting periodCartrack Proprietary Limited disposed of 51% of its interest in the share capital of Plexique Proprietary Limited to Bumbene House Proprietary Limited, a 100% black owned company, as part of its B-BBEE strategy. This transaction is not considered material to the group.

On 28 February 2019, One August Holdings Proprietary Limited disposed of 204 500 000 ordinary shares to Karoo Private Limited in an off-market transaction at R13,44 per share. This transaction was entered into for the purpose of Karoo Private Limited (owned by IJ Calisto and his direct family) acquiring and owning the shares in Cartrack.

The share price was determined by using the Volume Weighted Average Price over the preceding 30-day period. The fulfilment of the transaction is subject to applicable regulatory requirements and other conditions precedent. Prior clearance for this transaction was obtained and it was announced on SENS on 1 March 2019.

Dividends of 12 cents per share will be declared and paid on 18 June 2019.

The directors are not aware of any other material event which occurred after the reporting date and up to the date of this report for the company.

CORPORATE INFORMATION

Registered office Cartrack Corner11 Keyes RoadRosebankJohannesburg2196(PO Box 4709, Rivonia, 2128)

Directors Independent non-executive directorsDavid Brown (Independent Chairman)Thebe IkalafengKim WhiteSharoda Rapeti

Executive directorsIsaias Jose Calisto (Global Ghief Executive Officer)Morne Grundlingh (Global Chief Financial Officer) – appointed on 1 September 2018

Company SecretaryAnname de VilliersCartrack Corner11 Keyes RoadRosebankJohannesburg2196(PO Box 4709, Rivonia, 2128)

SponsorThe Standard Bank of South Africa Limited30 Baker StreetRosebank2109(PO Box 61344, Marshalltown, 2107)

Transfer SecretaryComputershare Investor Services Proprietary LimitedRosebank Towers15 Biermann StreetRosebank2001(PO Box 61051, Marshalltown, 2107)

GREYMATTER & FINCH # 13014

www.cartrack.co.za

SUMMARISED PRELIMINARY CONSOLIDATED FINANCIAL RESULTS · 2019. 6. 20. · 2 Summarised preliminary...

Documents

Transcript of SUMMARISED PRELIMINARY CONSOLIDATED FINANCIAL RESULTS · 2019. 6. 20. · 2 Summarised preliminary...